日前，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》。8月12 日、8月13日，多家银行发布公告，落实个人消费贷款财政贴息相关工作。 中国银行 中国银行关于落实个人消费贷款财政贴息工作的公告 为深入贯彻落实党中央、国务院决策部署，助力扩内需促消费，中国银行将全力落实并严格执行《关于 印发<个人消费贷款财政贴息政策实施方案>的通知》（财金[2025]80号），确保财政贴息的政策红利直 达广大消费者，为激发消费潜力贡献金融力量。 我行将遵循市场化、法治化原则，于2025年9月1日开始，针对符合政策条件的个人消费贷款开展财政贴 息工作。后续将通过中国银行官微、官网、营业网点等渠道公布办理流程等实施细则，敬请关注。 中国建设银行 中国农业银行关于个人消费贷款贴息工作的公告 为深入贯彻落实党中央、国务院决策部署，有效降低居民消费信贷成本，充分激发消费市场潜力，我行 积极响应并严格执行《关于印发<个人消费贷款财政贴息政策实施方案>的通知》（财金〔2025〕80 号）精神及相关要求，依法合规推进个人消费贷款贴息工作，确保将国家政策红利切实惠及广大金融消 费者。 我行将按照市场化、法治化原则，自2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China and the US have agreed to suspend the implementation of 24% tariffs for another 90 days starting from August 12, 2025, which may allow the risk - preference in the capital market to continue [22]. - The A - share market is currently in a slow - bull trend, and in August, during the policy window period and the concentrated disclosure period of interim reports, the market may experience local hot - spot rotation. Investors should focus on sectors with strong performance prospects [23]. - For A - shares, the main stock indexes continue the trend of oscillating upward. It is recommended to follow the trend in investment, pay attention to locking in profits during rapid rallies, and look for low - buying opportunities in IF, IM, and IC [23][25]. 3. Summary by Relevant Catalogs 3.1 Macro - news - China and the US issued a joint statement on the Stockholm economic and trade talks. Both sides will continue to suspend the implementation of 24% tariffs for 90 days starting from August 12. China will also continue to suspend relevant measures on the unreliable entity list [9]. - Three departments jointly issued a plan for fiscal interest subsidies on personal consumption loans, and nine departments including the Ministry of Finance issued a plan for fiscal interest subsidies on loans to service - industry business entities [9]. - The US CPI in July was flat year - on - year at 2.7%, lower than expected, while the core CPI rose 3.1% year - on - year, higher than expected. The market expects the Fed to cut interest rates in September with a probability of over 90% [10]. - The preliminary ruling of the Ministry of Commerce shows that there is dumping of imported rapeseed from Canada and halogenated butyl rubber from Canada and Japan. Temporary anti - dumping measures will be implemented starting from August 14, and an anti - dumping investigation will be launched on imported pea starch from Canada [10]. - The adjustment of domestic refined oil prices has been shelved this time [10]. - The Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist "involution - style" malicious competition, and eight dry - process lithium battery separator enterprises reached a consensus on anti - involution [11]. 3.2 Morning Meeting Views on Main Varieties 3.2.1 Agricultural Products - Peanut market prices are basically stable, with a pattern of weak supply and demand. It is expected to be strongly oscillating in the short term but still in a downward trend [14]. - The sugar market has a situation of mixed long and short factors. It is recommended to wait and see. If it effectively breaks through the 5630 pressure level, a light - position long position can be tried [14]. - The corn market also has mixed long and short factors. It is recommended to wait and see in the short term, focusing on the competition at the 2260 key level [14]. - The national average price of live pigs is falling steadily. The futures price is expected to maintain an interval oscillation [14]. - The spot price of eggs is stabilizing. The futures market has a large selling pressure, and it is recommended to avoid long positions [14][15]. - The cotton price is oscillating upward, but it still lacks a core driving force in the short term. Attention should be paid to the USDA report and subsequent news [15]. 3.2.2 Energy and Chemicals - The domestic urea market price continues to be weak. The supply pressure is expected to increase, and the futures price may continue to oscillate and consolidate [17]. - The caustic soda market in Shandong is stable, and it is recommended to pay attention to the 9 - 11 reverse spread [17]. 3.2.3 Industrial Metals - The coking coal and coke prices are expected to remain strong in the short term due to the news of coking enterprise production restrictions [18]. - The copper price continues to oscillate and consolidate, and the aluminum price is expected to continue high - level adjustment due to factors such as increased supply and weak demand [18]. - The alumina market is in an oversupply pattern and is expected to continue interval consolidation [18]. - The steel price is expected to maintain an oscillating and upward trend due to cost increases and production - reduction expectations [18]. - The ferrosilicon and ferromanganese futures prices are oscillating, and the market is mainly affected by macro and coal industry policies, showing an interval oscillation with a rising center of gravity [21]. - The lithium carbonate futures price has risen, with strong expectations but weak reality in the fundamentals. It is recommended to operate within the range, and pay attention to the progress of mining license renewals and terminal restocking [21]. 3.2.4 Options and Finance - On August 12, the three major A - share indexes rose collectively. The futures and options markets of various indexes showed different trends. Trend investors should pay attention to the strength - based arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [21][22].

1. Report Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - The US CPI data in July generally support the Fed's rate cut in September, but the slightly higher-than-expected core inflation fails to strengthen the market's rate cut expectations and limits the subsequent rate cut space [2][14]. - The A-share market is strong, and the two loan discount policies announced yesterday may have a positive impact on reducing the debt costs of enterprises and residents and stimulating purchasing power [3][17]. - In the second half of August, factors unfavorable to the bond market are increasing, and the bond market is expected to be slightly weaker in a volatile manner. However, due to the lack of obvious improvement in the fundamentals, it is hard to say that the bond market will turn bearish trend - wise. The upward - trending interest rates in the second half of August will bring allocation opportunities [4][23]. - Steel prices are running strongly, mainly driven by the strong expectation of environmental protection production restrictions. However, since the terminal demand has not changed much, risks should be watched out for [5][43]. - Due to supply - side risks such as production line maintenance and mine shutdowns, the prices of lithium carbonate and other products are expected to be strong in the short term [6][58]. - Oil prices are oscillating weakly, and both EIA and OPEC slightly raise the market demand forecast for next year [7][60]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US July unadjusted CPI rose 2.7% year - on - year, and the gold price oscillated slightly lower. The CPI data support the Fed's rate cut in September, but the core inflation limits the rate cut space. Short - term gold remains in a volatile pattern [14][15]. 3.1.2 Macro Strategy (Stock Index Futures) - Two loan discount policies are introduced, and China and the US agree to continue suspending the implementation of 24% reciprocal tariffs. The A - share market is approaching the previous high of 3674. It is recommended to allocate various stock indices evenly [16][17][18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Fed officials have different views on monetary policy. The US July CPI is slightly lower than expected, but the core CPI exceeds expectations, increasing the probability of a rate cut in September. The US stock market is expected to remain strong, but inflation risks exist [19][20][21]. 3.1.4 Macro Strategy (Treasury Bond Futures) - Three departments issue the implementation plan for the fiscal discount policy on personal consumption loans. The bond market is under pressure, and it is recommended that trading desks be cautious when betting on rebounds [22][23][25]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - USDA unexpectedly lowers the US soybean ending inventory. The report is beneficial to soybean meal, and it is expected that the soybean meal futures price will remain strong before China resumes purchasing US soybeans [26][27]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The expected ending inventory of US soybeans in 2025/2026 is lower than expected, and the anti - dumping investigation on Canadian rapeseed is initiated. It is recommended to take long positions in the domestic oil market or adopt the strategy of going long on rapeseed oil and short on soybean oil in the 01 contract [28][30][31]. 3.2.3 Agricultural Products (Cotton) - The cotton textile industry PMI in July drops significantly, and the new order index reaches a low level. The growth progress of US cotton is slow, and the ICE cotton price is expected to be weak and volatile in the short term. Zhengzhou cotton is expected to oscillate [32][34][35]. 3.2.4 Agricultural Products (Corn Starch) - The spot price of corn starch is weak. The terminal demand is weak, and the rice - flour price difference has no driving force to strengthen [36]. 3.2.5 Agricultural Products (Hogs) - The cost of hog farming is under control. It is recommended to pay continuous attention to the opportunity of reverse spreads [37][38]. 3.2.6 Agricultural Products (Corn) - The import corn auction turnover rate is low, and the corn price is weak. It is recommended to avoid the 09 contract and hold short positions in the 11 and 01 contracts [39][40]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - The sales of key real - estate enterprises decline, and the steel price is strong due to the expectation of environmental protection production restrictions. However, risks should be watched out for as the terminal demand is stable [41][43][44]. 3.2.8 Non - ferrous Metals (Alumina) - Shanxi Province adjusts the mining rights policy. The current supply - demand of alumina is in surplus, and it is recommended to wait and see [45][46][47]. 3.2.9 Non - ferrous Metals (Lead) - Some refineries have maintenance plans in August. It is recommended to hold long positions established at low levels and pay attention to the opportunity of internal - external positive spreads [48][49]. 3.2.10 Non - ferrous Metals (Zinc) - LME zinc inventory decreases slightly, while domestic social inventory increases significantly. It is recommended to manage positions for unilateral positions, pay attention to medium - term positive spreads, and wait and see for internal - external spreads [50][51]. 3.2.11 Non - ferrous Metals (Nickel) - The future demand for nickel ore in Indonesia is expected to increase. In the short term, it is recommended to pay attention to band - trading opportunities, and in the medium term, pay attention to short - selling opportunities at high prices [52][53][54]. 3.2.12 Non - ferrous Metals (Lithium Carbonate) - There are supply - side risks such as mine shutdowns. It is recommended to pay attention to the opportunity of buying on dips and positive spreads between months [58]. 3.2.13 Energy and Chemicals (Crude Oil) - OPEC's oil production increases in July, and oil prices are weakly volatile. It is expected to remain volatile in the short term [59][60][61]. 3.2.14 Energy and Chemicals (Carbon Emissions) - The CEA price is oscillating narrowly, and it is expected to continue to oscillate in the short term [62][63][64]. 3.2.15 Energy and Chemicals (Caustic Soda) - The spot price of caustic soda is gradually weakening, and the futures price is expected to oscillate [65]. 3.2.16 Energy and Chemicals (Pulp) - The price trends of different pulp varieties are differentiated. The pulp futures price may rise, but the upward space is limited [66]. 3.2.17 Energy and Chemicals (PVC) - The PVC market price rises, but the fundamentals are weak. The market is expected to oscillate [67]. 3.2.18 Energy and Chemicals (PX) - The PX price is weak, and the market structure changes. It is expected to adjust in a volatile manner in the short term [68][69]. 3.2.19 Energy and Chemicals (Bottle Chips) - The export quotation of bottle chips is stable, and the industry is in a state of production reduction. The absolute price follows the fluctuation of polyester raw materials [70][72]. 3.2.20 Energy and Chemicals (Urea) - The urea market is volatile. The short - term supply - demand pattern is weak, and the price may be under pressure, but the downward space is limited [73][74]. 3.2.21 Energy and Chemicals (PTA) - The PTA futures is strongly oscillating, and the demand side is weak. It is expected to adjust in a volatile manner in the short term [75][77]. 3.2.22 Energy and Chemicals (Styrene) - The price of pure benzene is expected to be strong, and the production of styrene is high. It is recommended to treat it in a volatile manner and pay attention to cost - side changes [78][79]. 3.2.23 Energy and Chemicals (Soda Ash) - Due to the investigation of an official in Qinghai, the market is worried about supply - side disturbances. It is recommended to manage positions [80][81][82]. 3.2.24 Energy and Chemicals (Float Glass) - The glass futures price decline narrows, and the fundamentals are weak. It is recommended to operate with caution on the single - side and focus on arbitrage operations [83].

1. 公开市场操作 央行 公告称， 8 月 12 日以固定利率、数量招标方式开展了 1146 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1146 亿元，中标量 1146 亿元。 Wind 数据显示，当日 1607 亿元 逆回购到期 ，据此计算，单日净回笼 461 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间资金市场整体依旧稳定偏宽，存款类机构隔夜回购加权利率（ D R001 ）微幅上行，仍在 1.31% 附近徘徊。 海外方面，最新美国隔夜融资担保利率为 4.35% （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 位置，较上日上行 1 个 bp 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 30 年期主力合约跌 0.31% 10 年期主力合约跌 0.04% 5 年期主力 ...

个人消费贷款贴息 时间: 2025年9月1日―2026年8月31日 比例: 年贴息比例为１个百分点，且最高 不超过贷款合同利率的50%。 来源: 中央财政承担90% 省级财政承担 10% 上限: 每名借款人在一家贷款经办机构 可享受的全部个人消费贷款累计 贴息上限为3000元 服务业经营主体贷款贴息 时间: 2025年3月16日―2025年12月31日 比例: 贴息期限不超过 1 年, 年贴息比例 为 1 个百分点 本报北京8月12日电 （记者曲哲涵）为更好发挥财政资金对提振消费的支持引导作用，降低居民消费信 贷成本，助力释放居民消费潜力，财政部、中国人民银行、金融监管总局近日联合印发《个人消费贷款 财政贴息政策实施方案》，明确对个人消费贷款进行财政贴息。 根据方案，2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人消费贷款（不 含信用卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消费交易信息 的部分，可按规定享受贴息政策。贴息范围包括单笔5万元以下消费，以及单笔5万元及以上的家用汽 车、养老生育、教育培训、文化旅游、家居家装、电子产品、健康医疗等重点领 ...

Group 1 - The core viewpoint of the news is the introduction of a fiscal subsidy policy for personal consumption loans to stimulate consumer spending and reduce credit costs for residents [1][2] - The subsidy policy will be effective from September 1, 2025, to August 31, 2026, covering personal consumption loans used for various key areas such as automobiles, education, and healthcare [1][2] - The annual subsidy rate is set at 1%, with a maximum limit of 50% of the loan contract interest rate, and the total subsidy cap for each borrower is 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan [2] Group 2 - A separate subsidy policy for service industry loan recipients has been introduced, targeting sectors such as dining, health, and tourism, with loans issued between March 16, 2025, and December 31, 2025 [3][4] - The central government will cover 90% of the subsidy costs, while provincial governments will cover the remaining 10%, with a maximum loan amount of 1 million yuan per entity [4] - Strict regulations are in place to ensure that the loan funds are used appropriately, prohibiting misuse for real estate or speculative investments [4]

在此次贴息支持范围方面，根据《消费贷贴息方案》，2025年9月1日至2026年8月31日期间，居民个人 使用贷款经办机构发放的个人消费贷款（不含信用卡业务）中实际用于消费，且贷款经办机构可通过贷 款发放账户等识别借款人相关消费交易信息的部分，可按规定享受贴息政策。 其中，贴息范围包括单笔5万元以下消费，以及单笔5万元及以上的家用汽车、养老生育、教育培训、文 化旅游、家居家装、电子产品、健康医疗等重点领域消费。对于单笔5万元以上的消费，以5万元消费额 度为上限进行贴息。 根据上述《服务业贴息方案》，同时符合以下条件的贷款可享受贴息政策：一是由经办银行向餐饮住 宿、健康、养老、托育、家政、文化娱乐、旅游、体育8类消费领域服务业经营主体发放。二是在《提 振消费专项行动方案》公开发布之日（2025年3月16日）至2025年12月31日期间签订贷款合同且相关贷 款资金发放至经营主体。三是贷款资金合规用于改善消费基础设施和提升服务供给能力等。 罗志恒表示，两项贴息政策的范围尤其是服务业经营主体贴息支持服务业发展的方向非常明确，这顺应 了人民群众消费升级的方向，居民消费逐步从商品消费升级为服务消费比如文化旅游等，从生存型消 ...

个人消费贷"国补"的实施细则靴子落地。8月12日，财政部、央行、金融监管总局三部门发布的《个人消费贷款财 政贴息政策实施方案》（以下简称"个人消费贷贴息实施方案"）。 个人消费贷贴息实施方案显示，2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人消费 贷款（不含信用卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消费交易信息 的部分，可按规定享受贴息政策。每名借款人在一家贷款经办机构可享受的全部个人消费贷款累计贴息上限为 3000元。 多位业内人士指出，提振消费是扩大内需的重要发力点，是当前和未来宏观政策的重中之重，相关政策将有助于 提振国内消费。 此外，财政部等九部门还于同日印发《服务业经营主体贷款贴息政策实施方案》（以下简称"服务业贴息方 案"），将向由经办银行向餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育8类消费领域服务业经营 主体发放相关贴息。年贴息比例为1个百分点，单户享受贴息的贷款规模最高可达100万元。 怎么补？能补多少？ "对于单笔5万元以上的消费，以5万元消费额度为上限进行贴息。"该实施办法显示，此次贴息标准为年贴息比例 为1个 ...

Group 1: Personal Consumption Loan Subsidy Policy - The Ministry of Finance, People's Bank of China, and Financial Regulatory Bureau issued a subsidy policy for personal consumption loans from September 1, 2025, to August 31, 2026 [1] - The subsidy applies to personal consumption loans used for specific categories such as household vehicles, education, and health care, with a maximum subsidy of 1% per year, not exceeding 50% of the loan contract interest rate [1] - The central and provincial finances will bear 90% and 10% of the subsidy costs, respectively [1] Group 2: Service Industry Loan Subsidy Policy - Nine departments, including the Ministry of Finance, released a subsidy policy for loans to service industry entities in eight sectors, including dining, health, and tourism [2] - The subsidy is capped at 1% per year for a maximum loan amount of 1 million yuan, with the same cost-sharing structure as the personal consumption loan policy [2] - Loan funds must be used for compliant business activities and cannot be diverted for real estate or investment purposes [2] Group 3: Medical Insurance and Commercial Insurance Drug Directory Adjustments - The National Medical Insurance Administration is conducting a preliminary review of drug applications for the 2025 drug directory adjustments [3] - Feedback will be collected during the public review period to finalize the list of drugs that pass the initial review [3] - The process will include expert evaluations and price negotiations for the basic medical insurance directory [3] Group 4: Import Tariff Adjustments on U.S. Goods - The State Council announced adjustments to tariffs on U.S. imports, maintaining a 10% tariff while suspending a 24% tariff for 90 days [5] - This decision aligns with the outcomes of U.S.-China trade talks and is based on relevant laws and international principles [5] Group 5: Agricultural Product Import Tariff Quota Redistribution - The National Development and Reform Commission and the Ministry of Commerce outlined the redistribution of import tariff quotas for agricultural products [9] - Users holding quotas must return any unutilized portions by September 15, with penalties for non-compliance affecting future quota allocations [9] Group 6: New Business Entity Registrations - The State Administration for Market Regulation reported over 13.27 million new business entities registered in the first half of the year, with a notable increase in private and foreign enterprises [12] - The growth reflects a stable trend across various ownership types and sectors, particularly in the service industry [12] - The "Four New" economy enterprises reached 25.36 million, accounting for 40.2% of total enterprises, indicating a shift towards new technologies and business models [12]

8月12日，为贯彻落实党中央和国务院关于大力提振消费、全方位扩大国内需求的决策部署，财政部等九部门发布了《服务业经营主体贷款贴息政策实施方 案》（以下简称《主体贴息方案》）。 同日，财政部、中国人民银行、金融监管总局还联合印发了《个人消费贷款财政贴息政策实施方案》（以下简称《个人贴息方案》），明确对以下适用对象 进行财政贴息。 8类消费服务业经营主体可获贴息 具体来看，《主体贴息方案》明确对符合以下条件的经营主体贷款进行贴息： 一是由经办银行向餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育8类消费领域服务业经营主体发放。二是在《提振消费专项行动方案》公开 发布之日（2025年3月16日）至2025年12月31日期间签订贷款合同且相关贷款资金发放至经营主体。三是贷款资金合规用于改善消费基础设施和提升服务供 给能力。 在贴息标准方面，《主体贴息方案》表示，对于经办银行向服务业经营主体发放的贷款，财政部门按照贷款本金对经营主体进行贴息，贴息期限不超过1 年，年贴息比例为1个百分点。 此外，在财政分担机制方面，中央财政、省级财政分别承担贴息资金的90%、10%。单户享受贴息的贷款规模最高可达100万元。 《主 ...